USD/JPY retraces its recent losses from the previous session, trading around 149.40 during the European hours on Wednesday. However, the upside of the pair could be limited as the Japanese Yen (JPY) may find support amid rising odds of further interest rate hikes by the Bank of Japan (BoJ). The BoJ is expected to raise rates from 0.50% to 0.75% this year. According to Bloomberg, overnight index swaps fully price in a rate hike by September, with a 50% chance of an earlier move as soon as June.